Be careful of shitcoins

[Review Master]

Why not advice them to stay satisfied with investing into bitcoin instead of wasting their money on shitcoins as 99.9% of the altcoins currently trading in the market are worthless and won't last long as more shitcoins will still come over to overthrow the current so called bitcoin Killers. The altcoins aren't actually introducing anything much that's new to the industry instead they're recycling past ideas and basically surviving on the fact they can be traded on exchanges without this all alts are worthless.

This is the best call and all your words are most powerfull. Yes, we should advice all to invest in BTC and stay satisfied with it. As we can know from the previous history , all altcoins dump when btc is starting to make a rally or make a little dump. So, altcoins are nothing but just a exchanging things in exchanges and worthless without any exchange. But some of the altcoins have uniqueness and they do good in every markets. So, everyone can also take a look into those. 

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[Charles-Tim]

This is the best call and all your words are most powerfull. Yes, we should advice all to invest in BTC and stay satisfied with it. As we can know from the previous history , all altcoins dump when btc is starting to make a rally or make a little dump. So, altcoins are nothing but just a exchanging things in exchanges and worthless without any exchange. But some of the altcoins have uniqueness and they do good in every markets. So, everyone can also take a look into those. 

Not only bitcoin is the coin to invest on, ether, litecoin and EOS are all good coin someone can invest on too, but for people that do not know about crypto investment and trading, bitcoin is a good choice for such people, but investing in some altcoins are profitable for good traders, you can not see any good trader trading only bitcoin, that is not possible. But, it is easy to learn and less risky to invest in bitcoin than altcoin but not that altcoin can not be proftable excellent analyzes.

[Review Master]

But some of the altcoins have uniqueness and they do good in every markets. So, everyone can also take a look into those.

Not only bitcoin is the coin to invest on, ether, litecoin and EOS are all good coin someone can invest on too, but for people that do not know about crypto investment and trading, bitcoin is a good choice for such people, but investing in some altcoins are profitable for good traders, you can not see any good trader trading only bitcoin, that is not possible. But, it is easy to learn and less risky to invest in bitcoin than altcoin but not that altcoin can not be proftable excellent analyzes.

That's right and i mention those alts indirectly in previous reply. Also, it's right that all traders not only trade bitcoin but also try to make profit form altcoins which are performable or going to have some major events. In this month, many traders already make more profits from BNT, KNC, NULS and so on because of those altcoins events, IMO . So, we need to do our own TA and FA before taking actions on any trading. Thus more more shitcoins will vanish because of no tradings, attentions and only real altcoins will be in this markets.

[XZERO1]

I don't know why so many people still insist on investing in altcoins with unclear background and almost no existing reputation, you have to realize that we are in 2020 now and altseason was in 2017, right now the market is mostly focused on bitcoin while altcoins at the same time losing even more volume.

Bitcoin dominance is at a rise for a long time now sitting at 66% and that means only 34% of liquidity of the market is going to altcoins, and no one really knows when bitcoin will stop being the center of attention and give altcoins a chance to recover and maybe and only maybe bring another altseason to the market.

The following is the daily chart for bitcoin dominance from the start of 2017 and that clearly tells you why altcoins struggle so much to sustain their higher prices after 2017.

[Rengga Jati]

I will advice people to analyse market and the coin that want to be used to trade or invest before buying such coin -snip-

Does it mean you buy METP without analyzing it first? Damn, it is a big mistake, buddy! Analyzing or taking research before buying a such coin is always a must, buddy. It is too risky buying a coin without analyzing it first, you have proven it that it was a big mistake. For now, I think you have nothing for the solution, but you have something big, it is about learning and experience. You know you mustn't do the same way in the future, a careless way will lead to losing all your funds. Be more selective and smarter to choose a proper coin for investment!!

[pooya87]

you have to realize that we are in 2020 now and altseason was in 2017, right now the market is mostly focused on bitcoin while altcoins at the same time losing even more volume.

market is always focused on bitcoin and it has always been like this in the past 11 years (from day 1).
the "altseason" has nothing to do with that focus either. of course "altseason" can be defined in two ways, one is the season when every single altcoin without exception is getting pumped. then you are right, it was only 2017 and won't be repeated for at least another year.
but altseason can also be defined as the time when altcoins get pumped. that is their whole purpose anyways. and they get pumped whenever bitcoin price is stable which is like right now.

Bitcoin dominance is at a rise for a long time now sitting at 66% and that means only 34% of liquidity of the market is going to altcoins, and no one really knows when bitcoin will stop being the center of attention and give altcoins a chance to recover and maybe and only maybe bring another altseason to the market.

your logic is flawed here.
for starters bitcoin dominance is as it has always been near 100%. that percentage you reported is the ratio of bitcoin's market cap versus the sum total of the market cap of a couple of thousands of altcoins. and since creating a shitcoin with billions of coins (supply) with little value (price) is easy their market cap (supply*price) is also fake hence the total is fake hence the ratio is meaningless.
for example bitcoin market cap right now is $169 billion you can easily and without any cost create a shitcoin that has 200 billion tokens and sell 1 for $1 and have a $200 billion market cap in a blinking of an eye. and that is what thousands of scammers did during 2017.
the only reason why that ratio is going up again is because in that example above such shitcoins can't survive for that long, as they decline in value and many die their market cap shrinks or disappears respectively so the ratio grows back up again.

[peterurb]

Yes, you are right. There are thousands of shitcoins. You can pay even 100 USD for some stupid coins from some unknown creators which will only take your money and stop to develop that token. That's why I am only buy ICOs from well-known incubators.

[Kong Hey Pakboy]

Shitcoins are really terrible coins that will take away your profit instantly. Recently, my friend and I tried to take some risk in investing our 1 eth in a shitcoin, and it suprisingly gives us a profit in just an hour that the 1 eth that we have invested turns out to be 1.60 eth. But because of our greed we have only sold the coin about 1.26 eth.

[KiloFoxtrot]

Why not invest on top coins

When they say "shitcoin" different people may put different meaning into this word, to some it's only the lowest coins that are obviously bad, to others it's nearly or literally all altcoins, including the top coins like Ethereum. I personally would rather advice beginners to be wary of altcoins rather than shitcoins, because of this ambiguity of the latter word, because it's easy for a newbie to mislead themselves into thinking that the coin they are about to invest into isn't a shitcoin because it has good review on some blog or news site.

Everyone starts as a newbie, whether they admit it or not. And what you said is basically true, using the term "shitcoin" may add insult to injury for some of those legit coins that do not deserve such stereotype thrown at them.

It's quite hard enough to rise above the cryptocurrency universe if you're not called "bitcoin," and being called or branded as an "altcoin" is a more civil or respectable way of calling these "other coins" instead.

[OgNasty]

I believe this could be helpful for some people here on this forum as I falled into shitcoin trap. I could not believe I can lose my whole fund in just a little time and I want to use this forum to advice the newbies to be careful of shitcoins. I hope you all know how dumped price can wreck the funds of people that invested in such coin.

The coin was METP, I invested at the price of $0.0004 some weeks ago, but the coin is now at $0.000002, I invested $100 and it has now vanished, I do not even have $1 remaining again and it was a lost that really depressed me.

Recently, I checked the price since when it was launched in 2019, it was $0.01245, it has been fallen since after even till now, if I has first analysed the coin, I will not not fall into the trap, but I have no idea about analyses at the time.

I will advice people to analyse market and the coin that want to be used to trade or invest before buying such coin because some coins are just existing to take away your money before it becomes fully dumped.

I applaud you for understanding that the value of something measured over time should be done in USD and not BTC.

[oriontab]

Shitty coins have been the bane of cryotocurrency investment especially for newbies,many are just out to fill their pockets, create a little hype and then never proceed to develop the project to have provide real solutions to problems

[Alt Coiner]

I believe this could be helpful for some people here on this forum as I falled into shitcoin trap. I could not believe I can lose my whole fund in just a little time and I want to use this forum to advice the newbies to be careful of shitcoins. I hope you all know how dumped price can wreck the funds of people that invested in such coin.

The coin was METP, I invested at the price of $0.0004 some weeks ago, but the coin is now at $0.000002, I invested $100 and it has now vanished, I do not even have $1 remaining again and it was a lost that really depressed me.

Recently, I checked the price since when it was launched in 2019, it was $0.01245, it has been fallen since after even till now, if I has first analysed the coin, I will not not fall into the trap, but I have no idea about analyses at the time.

I will advice people to analyse market and the coin that want to be used to trade or invest before buying such coin because some coins are just existing to take away your money before it becomes fully dumped.

I applaud you for understanding that the value of something measured over time should be done in USD and not BTC.

It's like a classic tale of two Kings ruling between two empires. Inside cryptocurrency, BTC is King. But once you go outside crypto info fiat territory, USD is still the King nonetheless.

[GroundbreakingLaw3]

If what you're saying is "don't buy a coin if you don't know what it does and whether or not it's trustworthy" I completely agree.

[AakZaki]

Buying shitcoin will only throw money away. This is a fairly easy way to lose money, by buying various kinds of shitcoin that have no value. shitcoin only benefits developers who make it, they are not responsible and just leave it.
Instead of having to buy shitcoin that is not clear, it's better to buy Bitcoin and ethereum then hold it until the price goes up and then sell it. it will be better.

[jademaxsuy]

Yes, you are right and probabluly it has been discussed here over and over again but I am not against on it for this os only for the good of the users especially to the new comers.

I do believe that prevention is better than cure so this is why as early as possible we had to aware new comers in this forum to not to invest directly altcoins instead I pressume to invest on the strong coins like.bitcoin and ethereum.

It s not easy to dispose hard earn money in cryptocurrency unless it is for bitcoin and other good altcoins. Just refer https://coinmarketcap.com/ for you the guidnce of good coins in the crypto market.

Learn also the high risk to it and how one can earn to achieve the purpose in earning aside from using crypto as a medium of exchange.

[Subbir]

In my opinion, almost 80 percent of all altcoin are shit coins. I would never recommend anyone to think about altcoins other than the top 50 listed on CMC. I am sure most of the members will agree to it. There are few altcoins that are listed above the top 100 list but you need to analyze those coins properly before investing in them.

Knowledge and are simpler in any job i feel one should take care of shitcoins as they're mostly perforated. Therefore, it's better to take a position within the first 10 currencies within the list of cryptocurrencies before investing These are at the highest of the list and therefore the demand for this altcoin is high.

[pooya87]

Just refer https://coinmarketcap.com/ for you the guidnce of good coins in the crypto market.

it has been said a million times and still people make the same mistake again.
a site that only lists all coins in existence is not a source for you to figure out which coin is "good" and which one is a "shitcoin". these sites don't even properly rank existing coins, they just multiply their price with their supply (both circulating and imaginary) then sort the list based on that.
in fact if you look at the site you linked here the coins that come immediately after bitcoin are the worst shitcoins:
ether= centralized, mutable, buggy and too expensive to create a smart contract
tether= centralized, shady, high risk and fully in control of the creators
xrp= centralized, useless bankster coin
bcash= centralized, poor copy of bitcoin, useless
bcashsv= centralized, poor copy of bcash, useless
ltc= copy of bitcoin, better than others so far but still not a decent coin
cardano= i'm that not familiar with it to give any opinion
binance= centralized, fully controlled by owners, useless

[masulum]

it has been said a million times and still people make the same mistake again.

maybe they forgot about Bitconnect when this coin became an "idol" because it offered so much profit. When bitconnect at CMC, many people are convinced that BCC is a legit company/altcoins. In fact, even though they are in the top 100 CMC, BCC is a scam. An example of this case should be one reason why not just "refer" to the CMC for crypto purchases/investments. Research before investing is the only way to be careful from shitcoin.

[Leo]

Shit coin can make you filty rich and can also rekt you, if you do your research in choosing the right one you tend to have a lot of gains and if you don't do your research as OP didn't, you tend to loose all your money, I've seen shit coin move from $0.003 to $0.4 within just three days, imagine you invested 2 eth on it, that's pretty cool cash

[Onuohakk]

Crypto market is volatile in nature, it can't be controlled by anybody. It can rise and decrease at any given time. Don't feel disappointed about the price, it will surely bounce back. By the way, the bull season is around the corner. Just hodl onto the token and be patient. This is not the time for negative energy about altcoin. Just be hopeful for the best from altcoin